Unprecedented volume of electricity exports and net income up $116 million
Thanks to a record volume of net exports and a significant reduction in financial expenses, Hydro-Québec posted net income of $1,641 million for the first three months of 2021, an increase of $116 million over the $1,525 million recorded in the corresponding period in 2020.
The company’s first-quarter results are therefore very encouraging, even though the pandemic still isn’t over.
Markets outside Québec:
Historic volume of net exports: 10.5 TWh
New records set in January and February
Average price obtained: 4.5¢/kWh
Extension of moratorium on service interruptions for unpaid bills until May 1, 2021
Payment arrangements entered into with 64,000 customers—2,000 less than in the same period last year
$717 million invested in property, plant and equipment and intangible assets
Two fixed-rate bond issues maturing in 2060, at an average cost of 2.52%